Model scope and methods - GRACE
GRACE is a global recursive dynamic CGE model developed to show the consequences of actions taken to mitigate climate change, and the impacts of the resulting climatic changes on the economic development in selected countries or regions of the world. The model calculates emissions of CO2 and other key greenhouse gases from economic activities, and integrates impacts of climate change, which allows for assessments of the economic consequences of climate projections. The model is programmed and solved on yearly basis in GAMS and uses the GTAP database, which comprises national accounts data for about 60 sectors in 140 world regions, most of them countries. GRACE is seldom run with more than 15 sectors and 15 regions, but aggregation of sectors and regions is flexible and easy to change. Thereby, the model can be used flexibly to focus on specific sectors or regions, depending on the research question.
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|Institution||Center for International Climate Research (CICERO), Norway, https://cicero.oslo.no/en.|
|Solution concept||General equilibrium (closed economy)|
|Solution method||SimulationRecursive dynamic solution method|